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Setting up a retail business is most certainly a prospect only suited to a select few types of people; this is an industry that demands high levels of dedication and commitment together with plenty of additional skills.
You will find that the investments fees are slightly higher in the retail industry usually because this is often premises based. Most franchisors will assist you to find the right location for your business and will help with signage and internal marketing together with fixtures and fittings.
Investments fees can also be higher depending on the franchise package. For example, the largest pizza delivery Franchise Papa Johns has a start-up fee of £200,000.00 with a personal investment of £70,000.00. Although this is a high investment fee the income of such a lucrative business is also high.
Alternatively you may wish to consider the lower investment fees such as Dream Doors or Mail Boxes Etc. Mail Boxes Etc help with site selection, shop fitting expenses, legal fees, equipment, supplies and inventory to help your business get off the ground.
Here we take a look at just what may be required of you if you choose to become the owner of a retail franchise and the retail business skills that you will need.
Let’s first start by looking at the skillsets that are required from any business person who owns a company in any industry form.
These skills are essential as you will be dealing with customers and could be leading a team on a daily basis. You also need to have excellent verbal communication and the ability to form good working relationships.
Every business requires a pretty firm grasp and ability with figures; however retail demands a particularly keen eye as this is an area of business that is sometimes subject to relatively low margins. Some retail sectors may feature an average margin smaller than others, in which case attention to detail becomes an ever more important skill.
No business runs smoothly all of the time and being able to keep your composure under times of pressure is vital, particularly when you work in a customer facing industry such as retail.
Dedication and commitment to getting your business of the ground is a must. This means that you’ll need to make sacrifices, such as laying in and early nights, as well as scrimping and saving in the early days to ensure that you remain personally financially stable. You must also be willing to get “stuck in” such as rolling up your sleeves and getting involved with the daily running of the business.
Now we come to the defining differences between a business person, and a business person who is made for retail.
Retail is an industry that is, by nature, unsociable. Indeed the busiest times during the retail calendar is when many are enjoying their Boxing Day turkey left overs or having a lie in after a night out over the weekend. This then means that you’ll not only need to work over weekends and national holidays, but will have to enjoy doing so.
In any industry that deals with customers remembering the mantra that ‘the customer is always right’ is essential, particularly when you’re the boss and could otherwise inform the customer that, in actual fact, they’re completely wrong. For this reason patience is very much a virtue within the world of retail, as is the ability to bite one’s tongue.
If ever there was one industry where people skills are essential it is retail. From dealing with customer complaints with that unwavering smile, to selling your products to people you may never have met before, being personable is a none negotiable if you’re to make a success of your retail business.
With the various retail franchise opportunities why not use our search facility to browse the number of brands offering lucrative opportunities.
The profits that you can generate from high investment franchises will quite often be significant and with the right planning, it can end up being very lucrative in the long-term.
Lee Eaton, owner of Signs Express and the 2015 winner of the BFA Franchisee of the Year award, shares the secret to running a successful franchise.
Retailing may be considered as one of the fastest paced and most exciting areas of business of all.
Couple Richard and Diane have been running their Ripples Franchise for seven years after Richard was made redundant.